ReNew Energy sells US$400m of green bonds to support growth and refinancing operations

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ReNew Power has a portfolio of more than 100 operational utility-scale PV and wind projects in India. Image: ReNew Power via Twitter.

Indian renewables company ReNew Energy Global Plc’s wholly owned subsidiary India Clean Energy Holdings has raised US$400 million through a green bond sale that will be used to support the company’s growth strategy and “refinance existing high-cost debt”.

The bonds were issued at 4.5% and the senior secured dollar notes have a tenor of 5.25 years. They are certified green bonds by Climate Bond Initiative and will be listed on the Singapore Exchange (SGX).

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“This is the first High Yield issuance out of the ASEAN and South Asian regions in 2022,” said ReNew.

The raise saw investors from the US and Asia – both regions taking around 40% each – with the balance made up by EMEA-based investors. Most of the notes were taken up by long-only fund managers and pension funds, ReNew said.

“In line with our rapid expansion plans to accelerate India’s energy transition, this issuance goes a long way in helping us meet our robust growth objectives and reduce our cost of capital,” said ReNew’s president of corporate finance Kailash Vaswani. “We will continue to seek fundraising opportunities to refinance our existing debt with lower-cost fixed rate green bonds.”

In August last year, ReNew Power completed a planned business combination with RMG Acquisition Corporation (RMG II) and began trading on the NASDAQ.

The deal created India’s largest publicly traded renewable energy company by total electricity generation, ReNew said in a media release. It has an asset base of over 10GW, with around 5GW operational.

25 November 2025
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